RBA Holdings (RBA)‚ which develops bank-funded homes and rental units‚ has reported a headline loss per share of 2.68c for the six months ended June 2013 from headline earnings per share of 0.44c a year ago.

The company attributed the loss to delays in the start of new projects.

No interim dividend was declared.

The group said it was constrained during the half-year by a shortage of serviced stands‚ which resulted in lower than anticipated production levels.

Revenue was up by 44% to R133.1m but the company reported an operating loss of R7.7m after an operating profit of R7.6m a year earlier.

The group completed 262 freehold houses‚ compared with 257 in 2012‚ and 148 sectional title units.

During the period under review‚ the group completed a R10m rights offer and concluded the sale of its office building in Braamfontien‚ which realised a profit of R5.2m.

The group is set to launch an additional three major projects - Orchards‚ Kirkney and Lehae - which are expected to result in a return to profitability in the second half of 2013. RBA said it had a sufficient pipeline of projects to continue operating profitably through 2014.

It said the group’s prospects in the medium to long term remained positive. The need for housing in SA remained a significant opportunity and the government’s finance-linked individual subsidy programme had been implemented for first-time homeowners: people earning up to R15‚000 a month now qualify for housing subsidies.

“This will significantly enhance our target market’s ability to own houses‚” it said.